Wells Fargo & Company Issues Positive Forecast for T. Rowe Price Group (NASDAQ:TROW) Stock Price

T. Rowe Price Group (NASDAQ:TROW) had its price objective lifted by Wells Fargo & Company from $112.00 to $124.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an equal weight rating on the asset manager’s stock.

Several other brokerages also recently commented on TROW. TD Cowen lowered their target price on shares of T. Rowe Price Group from $120.00 to $116.00 and set a “hold” rating for the company in a report on Monday, November 4th. Deutsche Bank Aktiengesellschaft boosted their target price on T. Rowe Price Group from $115.00 to $120.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Evercore ISI boosted their price target on shares of T. Rowe Price Group from $112.00 to $113.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. dropped their price objective on T. Rowe Price Group from $116.00 to $115.00 and set an “underweight” rating on the stock in a report on Monday, November 4th. Finally, Barclays increased their target price on shares of T. Rowe Price Group from $110.00 to $115.00 and gave the stock an “underweight” rating in a research note on Monday. Four research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $117.09.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock opened at $120.96 on Thursday. The stock has a 50 day moving average price of $116.16 and a two-hundred day moving average price of $113.20. T. Rowe Price Group has a 52 week low of $98.36 and a 52 week high of $125.81. The stock has a market capitalization of $26.87 billion, a PE ratio of 13.23, a price-to-earnings-growth ratio of 1.72 and a beta of 1.42.

T. Rowe Price Group (NASDAQ:TROW) last issued its quarterly earnings data on Friday, November 1st. The asset manager reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.21. T. Rowe Price Group had a net margin of 30.35% and a return on equity of 20.35%. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.84 billion. During the same period last year, the company earned $2.17 earnings per share. The business’s revenue was up 6.9% on a year-over-year basis. Research analysts forecast that T. Rowe Price Group will post 9.39 EPS for the current year.

T. Rowe Price Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a $1.24 dividend. This represents a $4.96 annualized dividend and a yield of 4.10%. The ex-dividend date is Friday, December 13th. T. Rowe Price Group’s dividend payout ratio is presently 54.27%.

Insider Activity at T. Rowe Price Group

In other T. Rowe Price Group news, VP Andrew Justin Mackenzi Thomson sold 4,047 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $123.35, for a total value of $499,197.45. Following the completion of the sale, the vice president now owns 119,577 shares in the company, valued at approximately $14,749,822.95. This trade represents a 3.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On T. Rowe Price Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. increased its position in shares of T. Rowe Price Group by 45.1% during the third quarter. Franklin Resources Inc. now owns 490,155 shares of the asset manager’s stock valued at $53,760,000 after buying an additional 152,430 shares during the period. Synovus Financial Corp lifted its stake in shares of T. Rowe Price Group by 15.7% in the third quarter. Synovus Financial Corp now owns 11,476 shares of the asset manager’s stock worth $1,250,000 after buying an additional 1,559 shares in the last quarter. Tidal Investments LLC lifted its position in T. Rowe Price Group by 8.5% in the 3rd quarter. Tidal Investments LLC now owns 6,541 shares of the asset manager’s stock valued at $713,000 after acquiring an additional 513 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in shares of T. Rowe Price Group by 191.1% during the third quarter. Wilmington Savings Fund Society FSB now owns 11,404 shares of the asset manager’s stock valued at $1,242,000 after buying an additional 7,486 shares during the last quarter. Finally, World Investment Advisors LLC purchased a new stake in shares of T. Rowe Price Group during the 3rd quarter valued at about $273,000. Institutional investors own 73.39% of the company’s stock.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.